Prospecting & Writing Business in NY Vs. NJ

[AdvisorGuy]

Hey all - i'm new to this forum. i'm an RIA and financial blogger in New York, researching seminar systems to sell insurance and annuities - starting probably with IUL's. I'm considering the FMO - BCA (Broker's Choice of America). I need to decide whether to do these in New Jersey, or New York. I really want to prospect, market, & launch these seminars in New York. But all i hear is how much more "restrictive" and difficult it is to write business in NY (Reg60, Cap, Comm's - you name it). And,that I should really do this in NJ or CT (near me)

What's the bottom line with NY vs. NJ if i were to sell IUL's or other like products. Where can I learn more on this? The answers I'm getting seem to be very general in nature, and i'm seeking hard facts and numbers. Also, anyone familiar with BCA?.

I'm very new to this and am still very unfamiliar with this landscape. I guess the place to start is with the carriers direct, but i thought i would start here. Thank you.

 

[Tahoe Ray]

Hey all - i'm new to this forum. i'm an RIA and financial blogger in New York, researching seminar systems to sell insurance and annuities - starting probably with IUL's. I'm considering the FMO - BCA (Broker's Choice of America). I need to decide whether to do these in New Jersey, or New York. I really want to prospect, market, & launch these seminars in New York. But all i hear is how much more "restrictive" and difficult it is to write business in NY (Reg60, Cap, Comm's - you name it). And,that I should really do this in NJ or CT (near me)

What's the bottom line with NY vs. NJ if i were to sell IUL's or other like products. Where can I learn more on this? The answers I'm getting seem to be very general in nature, and i'm seeking hard facts and numbers. Also, anyone familiar with BCA?.

I'm very new to this and am still very unfamiliar with this landscape. I guess the place to start is with the carriers direct, but i thought i would start here. Thank you.

You have plenty of competitive products in NY for IUL. Lincoln, Penn Mutual, Minnesota life to name a few.

Reg 60 rules have changed and are easier to navigate (your BGA will help you with that).

Comp is not as strong as NJ or CT but you can get close if you shop around.

I would think that it would be a pain to host seminars outside NY if your office was in NY. Are all of these potential clients crossing the bridge in traffic to come to your office for meetings/reviews?

My BGA (FMO) is based in NY (Long Island). Feel free to reach out if you have some specific questions.

 

[AdvisorGuy]

Tahoe - appreciate your response. I do have some more questions - can i contact you direct - or you contact me? Thanks. MM

 

[Tahoe Ray]

Tahoe - appreciate your response. I do have some more questions - can i contact you direct?

Sure. I'll give you a call.